Prabowo Subianto Sworn In as Indonesia’s President, Announces Largest Cabinet Since 1960s
JAKARTA — Former military general Prabowo Subianto has officially been sworn in as Indonesia’s eighth president, marking the beginning of a new political era for Southeast Asia’s largest economy. The 73-year-old leader, long plagued by allegations of human rights abuses, took office on Sunday, succeeding former President Joko Widodo, commonly known as Jokowi, who led the nation through a decade of economic growth and infrastructure development.
Prabowo, who had previously failed twice in his bids for the presidency, secured victory in February’s elections with over 58% of the vote. His running mate, Gibran Rakabuming Raka, Jokowi’s eldest son, was sworn in alongside him.
At the inauguration ceremony, attended by more than 30 global leaders and dignitaries, including British Foreign Minister David Lammy and Chinese Vice President Han Zheng, Prabowo vowed to lead as a president for all Indonesians and promised to tackle major issues such as corruption and poverty.
“We must always realise that a free nation is where the people are free,” Prabowo declared in his nearly hour-long inaugural address. “They must be freed of fear, poverty, hunger, ignorance, oppression, and suffering.”
Prabowo also emphasized Indonesia’s long-held policy of non-alignment in foreign affairs, affirming the nation’s stance of not allying with any major power blocs. He pledged to support oppressed people globally, saying, “We will stand against all colonialism and defend the interests of oppressed people worldwide.”
Following his inauguration, Prabowo announced a sweeping cabinet of 48 ministers and 58 vice-ministers, the largest since the 1960s. This marks a significant increase from Jokowi’s administration, which had 34 ministers and 30 vice-ministers. The new cabinet members were officially sworn in on Monday.
Several political analysts have suggested that Prabowo’s decision to reappoint 17 ministers from Jokowi’s cabinet is a political move to reward his predecessor, whose tacit support is believed to have played a crucial role in Prabowo’s electoral victory. Key figures such as Finance Minister Sri Mulyani Indrawati and Chief Economic Minister Airlangga Hartarto have retained their positions, signaling policy continuity in Indonesia’s economic direction.
Lina Miftahul Jannah, a public policy scholar, warned that the large size of the cabinet could complicate bureaucracy and slow down the policymaking process. “It’s resource-intensive, not just financially but in terms of time and energy,” she said.
Prabowo’s cabinet will begin their term with a three-day retreat at a military academy in central Java. The retreat, aimed at fostering unity and understanding of the president’s vision, will involve ministers and their deputies staying in tents, according to Abdul Kadir Karding, the migrant protection minister.
Prabowo is set to make his first international appearances as president at the Asia-Pacific Economic Cooperation Summit and the G20 summit in the coming months, further solidifying his position on the global stage.
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North Korean soldiers have clashed with Ukrainian troops for the first time, marking a significant escalation in the ongoing war in Ukraine. Ukrainian Defence Minister Rustem Umerov confirmed the incident in an interview with South Korean broadcaster KBS, stating that a “small group” of North Korean soldiers had been involved in a confrontation with Ukrainian forces. Ukrainian President Volodymyr Zelensky condemned the lack of response from the West, calling the clash the beginning of a “new chapter of instability” in the world. He warned that these first battles with North Korea could have far-reaching consequences for global security. However, South Korea’s government has played down the severity of the incident, with Seoul officials stating they do not believe that direct combat took place. Instead, they described the event as an “incident” involving a small number of North Korean troops near the frontline. Despite this, tensions are rising, as Ukraine claims that up to 11,000 North Korean soldiers are stationed in the Kursk border region, where Ukrainian forces have a presence. Reports from South Korean, U.S., and NATO intelligence agencies over the past few weeks have pointed to the involvement of North Korean troops in Russia’s ongoing invasion of Ukraine. While Moscow and Pyongyang have not directly addressed these allegations, the situation has raised concerns internationally. The first reports of North Korean military involvement came from Andriy Kovalenko, Ukraine’s top counter-disinformation official, who posted on Telegram that North Korean units had come under fire in the Kursk region. Umerov confirmed these reports, stating that while the encounters so far have been minor, a “significant number” of North Korean troops are expected to be deployed in combat in the future. He noted that many of the troops are still undergoing training in Russia and are being integrated into Russian military units. According to Umerov, the North Korean soldiers, who are reportedly wearing Russian uniforms, are being trained in tactics and deployed under Russian command on the front lines. He mentioned that about five units, each consisting of roughly 3,000 soldiers, are expected to be involved in operations. Although no casualties have been reported, the involvement of North Korean troops is raising alarm both in Ukraine and internationally. In a daily video address, Zelensky called on Ukraine and its allies to ensure that this “Russian step toward expanding the war” would fail for both Russia and North Korea. The situation has also sparked diplomatic tensions, with South Korea having summoned Russia’s ambassador last month to demand the withdrawal of North Korean troops. In addition, Seoul has warned that it may consider directly supplying arms to Ukraine in response to this growing involvement. Analysts suggest that Pyongyang could be compensated for its support with Russian military technology or other incentives. On Wednesday, Russian lawmakers are set to vote on a mutual defense treaty with North Korea, further solidifying the alliance between the two countries.
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Elon Musk Set to Benefit from Trump’s Return to the White House
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Markets Surge as Trump Re-Elected, Dollar and Bitcoin Hit Record Highs
Wall Street shares soared to record levels, and the U.S. dollar marked its largest gain in eight years after Donald Trump’s historic re-election victory to the White House. Investors responded swiftly, with major U.S. indexes rallying and Bitcoin hitting an all-time high as markets anticipated a policy shift focused on tax cuts, higher tariffs, and a pro-crypto agenda.
Trump’s election campaign promised to establish the U.S. as a global hub for Bitcoin and other cryptocurrencies, which, combined with anticipated fiscal policies, has driven a surge in digital assets. The value of Bitcoin jumped by $6,000 to reach a record high of $75,371.69.
Investors are betting that Trump’s proposed tax cuts and increased tariffs will spur inflation, which may prompt the Federal Reserve to keep interest rates higher for an extended period. Higher rates would yield better returns on dollar-denominated assets, creating additional demand for the currency. As a result, the dollar rose by about 1.75% against major currencies, including the pound, euro, and Japanese yen.
Global Market Movements
Trump’s re-election has had a sweeping impact on global financial markets and currencies:
- U.S. Stock Market: Key U.S. indexes jumped as trading opened, with banking stocks performing exceptionally well, buoyed by expectations of regulatory easing.
- Dollar Gains: The dollar rallied by approximately 1.75% against a range of currencies.
- Pound and Euro: The pound dropped 1.41% against the dollar, hitting its lowest level since August, while the euro fell 2.24% to its lowest point since June.
- FTSE 100: The UK’s FTSE 100 index rose by 0.1% on Wednesday afternoon.
- Asian Markets: In Japan, the Nikkei 225 index closed 2.6% higher, and Australia’s ASX 200 rose by 0.8%, while in China, the Shanghai Composite Index dipped slightly by 0.1%, and Hong Kong’s Hang Seng was down by around 2.23%.
Bitcoin’s Record Surge
Bitcoin’s value surged following Trump’s pledge to make the U.S. the “Bitcoin and cryptocurrency capital of the world,” contrasting sharply with the previous administration’s more stringent stance on digital assets. During his campaign, Trump signaled potential changes at the U.S. Securities and Exchange Commission (SEC), including a plan to dismiss Chair Gary Gensler, who has been criticized by the crypto community for his strict regulatory approach. Trump’s willingness to scale back crypto oversight is seen as a positive move by investors, helping push Bitcoin to record highs.
Elon Musk, a long-time cryptocurrency advocate and supporter of Trump, could also play a central role in this new policy direction. Trump suggested that Musk would lead a government audit to identify wasteful spending, a move that is expected to further stimulate support for cryptocurrencies. Tesla, Musk’s electric vehicle company, famously invested $1.5 billion in Bitcoin in 2021. On Wednesday, Tesla’s Frankfurt-listed shares surged by over 14% in early trading.
Broader Economic Implications
Analysts anticipate that Trump’s tax cuts and tariffs could push up inflation, leading to fewer rate cuts and potentially higher rates for longer. “Investors are bracing for tariffs… which will push up the price of imported goods for American shoppers,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
Meanwhile, Trump’s immigration policies could raise wage costs for U.S. companies if restrictions reduce labor availability, potentially increasing inflationary pressures. These policy shifts may have ripple effects across the global economy as other nations respond to U.S. tariffs with measures of their own, affecting trade flows and potentially stoking global inflation.
With U.S. and global markets reacting swiftly to Trump’s victory, financial analysts will continue monitoring the administration’s first moves, especially regarding fiscal and trade policies, as the world adjusts to Trump’s second term.
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